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08.08.2017 23:16:00
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Tidewater Reports First Quarter Results For Fiscal 2018
NEW ORLEANS, Aug. 8, 2017 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a first quarter net loss for the period ended June 30, 2017, of $524.4 million, or $11.13 per common share, on revenues of $115.1 million. For the same quarter last year, net loss was $89.1 million, or $1.89 per common share, on revenues of $167.9 million. The immediately preceding quarter ended March 31, 2017, had a net loss of $94.9 million, or $2.01 per common share, on revenues of $160.7 million.
Included in the net loss for the quarter ended June 30, 2017 were the following:
- $313.2 million ($313.2 million after-tax, or $6.65 per share) of reorganization items related to the Company's Chapter 11 proceedings.
- $163.4 million ($163.4 million after-tax, or $3.47 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2017 quarter.
- $11.9 million ($11.9 million after-tax, or $0.25 per share) of debt renegotiation expenses were incurred in the quarter, which includes $6.7 million classified as general and administrative expenses and $5.2 million classified as reorganization items.
- $1.2 million ($1.2 million after-tax, or $0.02 per share) of foreign exchange losses resulting primarily from the strengthening of the Norwegian kroner on liabilities relative to the U.S. dollar.
Included in the net loss for the prior fiscal year's quarter ended June 30, 2016 were the following:
- $36.9 million ($36.1 million after-tax, or $0.77 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the June 2016 quarter.
- $2.7 million ($2.6 million after-tax, or $0.06 per share) of foreign exchange losses, most notably the devaluation of Nigerian nairas relative to the U.S. dollar.
- $1.1 million ($1.1 million after-tax, or $0.02 per share) of foreign exchange losses which is included in Equity in net losses of unconsolidated companies and related to our Angola joint venture, Sonatide.
Included in the net loss for the preceding quarter ended March 31, 2017 were the following:
- $64.9 million ($64.9 million after-tax, or $1.38 per share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the March 2017 quarter.
- $16.8 million ($16.8 million after-tax, or $0.36 per share) of general and administrative expenses related to debt renegotiations.
- $39.1 million ($31.3 million after-tax and after consideration of noncontrolling interests, or $0.67 per share) of revenue related to the early termination of a long-term vessel charter contract.
Income tax expense largely reflects tax liabilities in certain jurisdictions that levy taxes on bases other than pre-tax profitability (so called "deemed profit" regimes.)
Reorganization and Chapter 11 Proceedings
As previously disclosed, on May 17, 2017, Tidewater and certain of its subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware, seeking approval of a prepackaged plan of restructuring.
On July 31, 2017, the company and its affiliated chapter 11 debtors emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors, that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware.
Additional details about the restructuring are available on the company's website, www.tdw.com, and at http://dm.epiq11.com/tidewater, or via the company's restructuring information line 844-843-0204 (toll free) or 504-597-5543 (international calls). Additional details about the restructuring will also be available in the company's Form 10-Q, which is expected to be filed with the SEC shortly after the issuance of this press release.
The company will not be hosting an earnings conference call to discuss first quarter fiscal 2018 financial results. However, we expect to resume holding quarterly earnings conference calls to report our second quarter fiscal 2018 financial results.
Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.
Note: all per-share amounts are stated on a diluted basis.
Financial information is displayed on the next page.
TIDEWATER INC. | ||||||||
(Debtor-in-Possession) | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Vessel revenues | $ | 112,257 | 162,430 | |||||
Other operating revenues | 2,849 | 5,495 | ||||||
115,106 | 167,925 | |||||||
Costs and expenses: | ||||||||
Vessel operating costs | 83,773 | 108,874 | ||||||
Costs of other operating revenues | 1,585 | 3,903 | ||||||
General and administrative | 33,059 | 37,047 | ||||||
Vessel operating leases | 5,542 | 8,441 | ||||||
Depreciation and amortization | 36,287 | 44,552 | ||||||
Gain on asset dispositions, net | (3,189) | (5,643) | ||||||
Asset impairments | 163,423 | 36,886 | ||||||
320,480 | 234,060 | |||||||
Operating loss | (205,374) | (66,135) | ||||||
Other income (expenses): | ||||||||
Foreign exchange loss | (1,157) | (2,733) | ||||||
Equity in net earnings (losses) of unconsolidated companies | 4,517 | (1) | ||||||
Interest income and other, net | 1,680 | 1,176 | ||||||
Reorganization items | (313,176) | — | ||||||
Interest and other debt costs, net | (10,605) | (16,954) | ||||||
(318,741) | (18,512) | |||||||
Loss before income taxes | (524,115) | (84,647) | ||||||
Income tax expense | 295 | 3,996 | ||||||
Net loss | $ | (524,410) | (88,643) | |||||
Less: Net income attributable to noncontrolling interests | 24 | 454 | ||||||
Net loss attributable to Tidewater Inc. | $ | (524,434) | (89,097) | |||||
Basic loss per common share | $ | (11.13) | (1.89) | |||||
Diluted loss per common share | $ | (11.13) | (1.89) | |||||
Weighted average common shares outstanding | 47,121,304 | 47,067,715 | ||||||
Dilutive effect of stock options and restricted stock | — | — | ||||||
Adjusted weighted average common shares | 47,121,304 | 47,067,715 | ||||||
TIDEWATER INC. | ||||||||
(Debtor-in-Possession) | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(In thousands, except share and par value data) | ||||||||
June 30, | March 31, | |||||||
ASSETS | 2017 | 2017 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 683,778 | 706,404 | |||||
Trade and other receivables, net | 116,612 | 123,262 | ||||||
Due from affiliate | 252,810 | 262,652 | ||||||
Marine operating supplies | 31,097 | 30,560 | ||||||
Other current assets | 34,619 | 18,409 | ||||||
Total current assets | 1,118,916 | 1,141,287 | ||||||
Investments in, at equity, and advances to unconsolidated companies | 49,216 | 45,115 | ||||||
Net properties and equipment | 2,659,314 | 2,864,762 | ||||||
Other assets | 92,134 | 139,535 | ||||||
Total assets | $ | 3,919,580 | 4,190,699 | |||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 35,087 | 31,599 | |||||
Accrued expenses | 63,155 | 78,121 | ||||||
Due to affiliate | 121,037 | 132,857 | ||||||
Accrued property and liability losses | 2,758 | 3,583 | ||||||
Current portion of long-term debt | 10,106 | 2,034,124 | ||||||
Other current liabilities | 28,029 | 48,429 | ||||||
Total current liabilities | 260,172 | 2,328,713 | ||||||
Long-term debt | 80,863 | — | ||||||
Deferred income taxes | — | 46,013 | ||||||
Accrued property and liability losses | 2,776 | 10,209 | ||||||
Other liabilities and deferred credits | 60,382 | 154,705 | ||||||
Liabilities subject to compromise | 2,389,557 | — | ||||||
Commitments and Contingencies | ||||||||
Equity: | ||||||||
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,121,304 shares at June 30, 2017 and 47,121,304 shares at March 31, 2017 | 4,712 | 4,712 | ||||||
Additional paid-in capital | 165,516 | 165,221 | ||||||
Retained earnings | 950,895 | 1,475,329 | ||||||
Accumulated other comprehensive loss | (10,258) | (10,344) | ||||||
Total stockholders' equity | 1,110,865 | 1,634,918 | ||||||
Noncontrolling interests | 14,965 | 16,141 | ||||||
Total equity | 1,125,830 | 1,651,059 | ||||||
Total liabilities and equity | $ | 3,919,580 | 4,190,699 | |||||
TIDEWATER INC. | ||||||||
(Debtor-in-Possession) | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2017 | 2016 | |||||||
Net loss | $ | (524,410) | (88,643) | |||||
Other comprehensive income: | ||||||||
Unrealized gains on available for sale securities, net of tax of $0 and $0 | 86 | 161 | ||||||
Amortization of loss on derivative contract, net of tax of $0 and $0 | — | 71 | ||||||
Total comprehensive loss | $ | (524,324) | (88,411) | |||||
TIDEWATER INC. | ||||||||
(Debtor-in-Possession) | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2017 | 2016 | |||||||
Operating activities: | ||||||||
Net loss | $ | (524,410) | (88,643) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Reorganization items | 308,011 | — | ||||||
Depreciation and amortization | 36,287 | 44,552 | ||||||
Provision for deferred income taxes | (5,543) | — | ||||||
Gain on asset dispositions, net | (3,189) | (5,643) | ||||||
Asset impairments | 163,423 | 36,886 | ||||||
Equity in earnings (losses) of unconsolidated companies, less dividends | (4,101) | 108 | ||||||
Compensation expense - stock-based | 326 | 1,536 | ||||||
Changes in assets and liabilities, net: | ||||||||
Trade and other receivables | 6,650 | 26,414 | ||||||
Changes in due to/from affiliate, net | (1,978) | 5,947 | ||||||
Marine operating supplies | (514) | 1,288 | ||||||
Other current assets | (16,210) | (4,147) | ||||||
Accounts payable | 3,488 | 4,613 | ||||||
Accrued expenses | 8,603 | (19,993) | ||||||
Accrued property and liability losses | (825) | 289 | ||||||
Other current liabilities | 2,644 | (6,814) | ||||||
Other liabilities and deferred credits | 1,251 | (3,212) | ||||||
Other, net | 2,724 | (4,084) | ||||||
Net cash used in operating activities | (23,363) | (10,903) | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of assets | 608 | 1,234 | ||||||
Additions to properties and equipment | (1,627) | (7,578) | ||||||
Payments related to novated vessel construction contract | 5,272 | — | ||||||
Refunds from cancelled vessel construction contracts | — | 11,515 | ||||||
Net cash provided by investing activities | 4,253 | 5,171 | ||||||
Cash flows from financing activities: | ||||||||
Principal payment on long-term debt | (2,316) | (2,324) | ||||||
Other | (1,200) | (1,722) | ||||||
Net cash used in financing activities | (3,516) | (4,046) | ||||||
Net change in cash and cash equivalents | (22,626) | (9,778) | ||||||
Cash and cash equivalents at beginning of period | 706,404 | 678,438 | ||||||
Cash and cash equivalents at end of period | $ | 683,778 | 668,660 | |||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest, net of amounts capitalized | $ | 433 | 26,733 | |||||
Income taxes | $ | 3,611 | 11,006 | |||||
Supplemental disclosure of non-cash investing activities: | ||||||||
Additions to properties and equipment | $ | — | 2,537 | |||||
TIDEWATER INC. | ||||||||||||||||||||||||
(Debtor-in-Possession) | ||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | other | Non | ||||||||||||||||||||||
Common | paid-in | Retained | comprehensive | controlling | ||||||||||||||||||||
stock | capital | earnings | loss | interest | Total | |||||||||||||||||||
Balance at March 31, 2017 | $ | 4,712 | 165,221 | 1,475,329 | (10,344) | 16,141 | 1,651,059 | |||||||||||||||||
Total comprehensive loss | — | — | (524,434) | 86 | 24 | (524,324) | ||||||||||||||||||
Stock option expense | — | 293 | — | — | — | 293 | ||||||||||||||||||
Amortization of restricted stock units | — | 2 | — | — | — | 2 | ||||||||||||||||||
Cash paid to noncontrolling interests | — | — | — | — | (1,200) | (1,200) | ||||||||||||||||||
Balance at June 30, 2017 | $ | 4,712 | 165,516 | 950,895 | (10,258) | 14,965 | 1,125,830 | |||||||||||||||||
Balance at March 31, 2016 | $ | 4,707 | 166,604 | 2,135,075 | (6,866) | 6,034 | 2,305,554 | |||||||||||||||||
Total comprehensive loss | — | — | (89,097) | 232 | 454 | (88,411) | ||||||||||||||||||
Stock option activity | — | 277 | — | — | — | 277 | ||||||||||||||||||
Cancellation of restricted stock awards | — | — | 192 | — | — | 192 | ||||||||||||||||||
Amortization/cancellation of restricted stock units | — | 1,383 | — | — | — | 1,383 | ||||||||||||||||||
Balance at June 30, 2016 | $ | 4,707 | 168,264 | 2,046,170 | (6,634) | 6,488 | 2,218,995 | |||||||||||||||||
The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, were as follows:
Quarter | ||||||||||||||||||||||||
Quarter Ended | Ended | |||||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||||||
(In thousands) | 2017 | % | 2016 | % | 2017 | % | ||||||||||||||||||
Vessel revenues: | ||||||||||||||||||||||||
Americas (A) | $ | 31,887 | 28% | 60,608 | 37% | 80,533 | 51% | |||||||||||||||||
Asia/Pacific | 4,627 | 4% | 7,921 | 5% | 5,951 | 4% | ||||||||||||||||||
Middle East | 23,139 | 21% | 24,202 | 15% | 20,727 | 13% | ||||||||||||||||||
Africa/Europe | 52,604 | 47% | 69,699 | 43% | 49,694 | 32% | ||||||||||||||||||
Total vessel revenues | $ | 112,257 | 100% | 162,430 | 100% | 156,905 | 100% | |||||||||||||||||
Vessel operating costs: | ||||||||||||||||||||||||
Crew costs | $ | 42,210 | 38% | 55,888 | 34% | 41,829 | 27% | |||||||||||||||||
Repair and maintenance | 13,844 | 12% | 16,529 | 10% | 17,074 | 11% | ||||||||||||||||||
Insurance and loss reserves | 3,124 | 3% | 6,996 | 4% | (1,767) | (1%) | ||||||||||||||||||
Fuel, lube and supplies | 9,428 | 8% | 10,772 | 7% | 9,279 | 6% | ||||||||||||||||||
Other | 15,167 | 14% | 18,689 | 12% | 14,430 | 9% | ||||||||||||||||||
Total vessel operating costs | 83,773 | 75% | 108,874 | 67% | 80,845 | 52% | ||||||||||||||||||
Vessel operating margin (B) | $ | 28,484 | 25% | 53,556 | 33% | 76,060 | 48% | |||||||||||||||||
Note (A): Included in Americas vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
Note (B): The following table reconciles vessel operating margin as presented above to vessel operating profit (loss) for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017:
Quarter | ||||||||||||
Quarter Ended | Ended | |||||||||||
June 30, | March 31, | |||||||||||
(In thousands) | 2017 | 2016 | 2017 | |||||||||
Vessel operating margin (C) | $ | 28,484 | 53,556 | 76,060 | ||||||||
General and administrative expenses - vessel operations | (18,002) | (25,916) | (19,445) | |||||||||
Vessel operating leases | (5,542) | (8,441) | (8,443) | |||||||||
Depreciation and amortization - vessel operations | (34,892) | (42,441) | (36,173) | |||||||||
Vessel operating profit (loss) | $ | (29,952) | (23,242) | 11,999 | ||||||||
Note (C): Included in vessel operating margin for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
The company's other operating profit (loss) for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, consists of the following:
Quarter | ||||||||||||
Quarter Ended | Ended | |||||||||||
June 30, | March 31, | |||||||||||
(In thousands) | 2017 | 2016 | 2017 | |||||||||
Other operating revenues | $ | 2,849 | 5,495 | 3,844 | ||||||||
Costs of other marine revenues | (1,585) | (3,903) | (2,689) | |||||||||
General and administrative expenses - other operating activities | (355) | (638) | (525) | |||||||||
Depreciation and amortization - other operating activities | (854) | (1,381) | (855) | |||||||||
Other operating profit (loss) | $ | 55 | (427) | (225) | ||||||||
The company's operating loss and other components of loss before income taxes and the related percentage of total revenues for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, were as follows:
Quarter Ended | Quarter Ended | |||||||||||||||||||||||
June 30, | March 31, | |||||||||||||||||||||||
(In thousands) | 2017 | % | 2016 | % | 2017 | % | ||||||||||||||||||
Vessel operating profit (loss): | ||||||||||||||||||||||||
Americas (D) | $ | (15,699) | (14%) | (4,326) | (3%) | 30,618 | 19% | |||||||||||||||||
Asia/Pacific | (4,782) | (4%) | (5,574) | (3%) | (3,358) | (2%) | ||||||||||||||||||
Middle East | 3,466 | 3% | (33) | (<1%) | (2,806) | (2%) | ||||||||||||||||||
Africa/Europe | (12,937) | (11%) | (13,309) | (8%) | (12,455) | (8%) | ||||||||||||||||||
(29,952) | (26%) | (23,242) | (14%) | 11,999 | 7% | |||||||||||||||||||
Other operating profit (loss) | 55 | <1% | (427) | (<1%) | (225) | (<1%) | ||||||||||||||||||
(29,897) | (26%) | (23,669) | (14%) | 11,774 | 7% | |||||||||||||||||||
Corporate general and administrative expenses (E) | (14,702) | (13%) | (10,493) | (6%) | (21,757) | (14%) | ||||||||||||||||||
Corporate depreciation | (541) | (<1%) | (730) | (1%) | (564) | (<1%) | ||||||||||||||||||
Corporate expenses | (15,243) | (13%) | (11,223) | (7%) | (22,321) | (14%) | ||||||||||||||||||
Gain on asset dispositions, net | 3,189 | 3% | 5,643 | 3% | 6,064 | 3% | ||||||||||||||||||
Asset impairments | (163,423) | (142%) | (36,886) | (21%) | (64,857) | (40%) | ||||||||||||||||||
Operating loss | $ | (205,374) | (178%) | (66,135) | (39%) | (69,340) | (43%) | |||||||||||||||||
Foreign exchange gain (loss) | (1,157) | (1%) | (2,733) | (2%) | 664 | <1% | ||||||||||||||||||
Equity in net earnings (losses) of unconsolidated companies | 4,517 | 4% | (1) | (<1%) | 2,841 | 2% | ||||||||||||||||||
Interest income and other, net | 1,680 | 1% | 1,176 | 1% | 1,588 | 1% | ||||||||||||||||||
Reorganization items (F) | (313,176) | (272%) | — | — | — | — | ||||||||||||||||||
Interest and other debt costs, net | (10,605) | (9%) | (16,954) | (10%) | (21,008) | (13%) | ||||||||||||||||||
Loss before income taxes | $ | (524,115) | (455%) | (84,647) | (50%) | (85,255) | (53%) | |||||||||||||||||
Note (D): Americas segment vessel operating profit for the quarter ended March 31, 2017 includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
Note (E): Corporate general and administrative expenses for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017 include $6.7 million, $3.9 million and $16.8 million, respectively, of costs associated with debt renegotiations. Costs associated with debt renegotiations were classified as general and administrative expenses through our chapter 11 Petition Date of May 17, 2017. Subsequent to the Petition Date, $5.2 million of costs associated with debt renegotiations were classified as reorganization items.
Note (F): Reorganization items of $313.2 million which are comprised of (i) the lessors' claims reserve of $323.6 million plus leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of remaining deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million, (ii) $94.8 million of make-whole claims on the Senior Notes and $5.1 of debt issue costs and (iii) professional fees associated with the restructuring incurred subsequent to the Petition Date of $5.2 million.
The company's revenues, days-based vessel utilization percentages and average day rates by vessel class and in total for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017, were as follows:
Quarter | ||||||||||||
Quarter Ended | Ended | |||||||||||
June 30, | March 31, | |||||||||||
2017 | 2016 | 2017 | ||||||||||
REVENUE BY VESSEL CLASS (In thousands): | ||||||||||||
Americas fleet: | ||||||||||||
Deepwater (G) | $ | 17,313 | 40,387 | 62,831 | ||||||||
Towing-supply | 11,274 | 16,879 | 14,738 | |||||||||
Other | 3,300 | 3,342 | 2,964 | |||||||||
Total | $ | 31,887 | 60,608 | 80,533 | ||||||||
Asia/Pacific fleet: | ||||||||||||
Deepwater | $ | 1,154 | 2,590 | 1,138 | ||||||||
Towing-supply | 3,473 | 5,331 | 4,813 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 4,627 | 7,921 | 5,951 | ||||||||
Middle East fleet: | ||||||||||||
Deepwater | $ | 9,547 | 6,038 | 8,295 | ||||||||
Towing-supply | 13,592 | 18,164 | 12,432 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 23,139 | 24,202 | 20,727 | ||||||||
Africa/Europe fleet: | ||||||||||||
Deepwater | $ | 22,158 | 33,289 | 23,032 | ||||||||
Towing-supply | 27,019 | 27,917 | 22,794 | |||||||||
Other | 3,427 | 8,493 | 3,868 | |||||||||
Total | $ | 52,604 | 69,699 | 49,694 | ||||||||
Worldwide fleet: | ||||||||||||
Deepwater | $ | 50,172 | 82,304 | 95,296 | ||||||||
Towing-supply | 55,358 | 68,291 | 54,777 | |||||||||
Other | 6,727 | 11,835 | 6,832 | |||||||||
Total | $ | 112,257 | 162,430 | 156,905 | ||||||||
Note (G): Included in Americas fleet deepwater revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.
Quarter | |||||||||||
Quarter Ended | Ended | ||||||||||
June 30, | March 31, | ||||||||||
2017 | 2016 | 2017 | |||||||||
UTILIZATION: | |||||||||||
Americas fleet: | |||||||||||
Deepwater | 23.4% | 41.8 | 29.7 | ||||||||
Towing-supply | 36.4 | 41.6 | 41.8 | ||||||||
Other | 50.0 | 48.0 | 45.7 | ||||||||
Total | 30.3% | 42.5 | 35.2 | ||||||||
Asia/Pacific fleet: | |||||||||||
Deepwater | 10.4% | 10.2 | 9.1 | ||||||||
Towing-supply | 27.1 | 53.3 | 34.4 | ||||||||
Other | — | — | — | ||||||||
Total | 21.3% | 33.5 | 24.7 | ||||||||
Middle East fleet: | |||||||||||
Deepwater | 89.0% | 58.8 | 79.7 | ||||||||
Towing-supply | 86.8 | 67.7 | 71.4 | ||||||||
Other | — | — | — | ||||||||
Total | 87.5% | 65.9 | 74.2 | ||||||||
Africa/Europe fleet: | |||||||||||
Deepwater | 51.7% | 54.7 | 53.6 | ||||||||
Towing-supply | 51.7 | 46.4 | 42.1 | ||||||||
Other | 31.3 | 52.1 | 31.0 | ||||||||
Total | 45.6% | 51.0 | 42.5 | ||||||||
Worldwide fleet: | |||||||||||
Deepwater | 41.1% | 44.4 | 42.6 | ||||||||
Towing-supply | 50.9 | 51.6 | 46.9 | ||||||||
Other | 33.9 | 50.2 | 32.8 | ||||||||
Total | 44.0% | 48.6 | 42.6 | ||||||||
Quarter | ||||||||||||
Quarter Ended | Ended | |||||||||||
June 30, | March 31, | |||||||||||
2017 | 2016 | 2017 | ||||||||||
AVERAGE VESSEL DAY RATES: | ||||||||||||
Americas fleet: | ||||||||||||
Deepwater (H) | $ | 19,869 | 25,480 | 57,311 | ||||||||
Towing-supply | 15,959 | 16,917 | 17,816 | |||||||||
Other | 9,071 | 8,507 | 9,015 | |||||||||
Total | $ | 16,423 | 20,368 | 35,756 | ||||||||
Asia/Pacific fleet: | ||||||||||||
Deepwater | $ | 12,686 | 22,039 | 12,641 | ||||||||
Towing-supply | 6,489 | 6,595 | 7,640 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 7,389 | 8,555 | 8,265 | ||||||||
Middle East fleet: | ||||||||||||
Deepwater | $ | 9,564 | 15,468 | 9,643 | ||||||||
Towing-supply | 7,826 | 10,167 | 8,214 | |||||||||
Other | — | — | — | |||||||||
Total | $ | 8,460 | 11,117 | 8,732 | ||||||||
Africa/Europe fleet: | ||||||||||||
Deepwater | $ | 11,482 | 15,840 | 11,763 | ||||||||
Towing-supply | 13,040 | 15,085 | 13,940 | |||||||||
Other | 3,265 | 4,713 | 3,652 | |||||||||
Total | $ | 10,413 | 12,112 | 10,682 | ||||||||
Worldwide fleet: | ||||||||||||
Deepwater | $ | 12,897 | 19,622 | 23,797 | ||||||||
Towing-supply | 10,961 | 12,546 | 11,893 | |||||||||
Other | 4,759 | 5,392 | 4,922 | |||||||||
Total | $ | 10,842 | 13,727 | 15,693 | ||||||||
Note (H): Included in Americas fleet deepwater average day rates for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. Excluding the early cancellation revenue, total Americas fleet deepwater average day rates would have been $21,602 for the quarter ended March 31, 2017.
The company's average number of vessels by class and geographic distribution for the quarters ended June 30, 2017 and 2016 and for the quarter ended March 31, 2017:
Quarter | |||||||
Quarter Ended | Ended | ||||||
June 30, | March 31, | ||||||
2017 | 2016 | 2017 | |||||
Americas fleet: | |||||||
Deepwater | 41 | 42 | 41 | ||||
Towing-supply | 21 | 26 | 22 | ||||
Other | 8 | 9 | 8 | ||||
Total | 70 | 77 | 71 | ||||
Less stacked vessels | 35 | 30 | 34 | ||||
Active vessels | 35 | 47 | 37 | ||||
Asia/Pacific fleet: | |||||||
Deepwater | 10 | 13 | 11 | ||||
Towing-supply | 22 | 17 | 20 | ||||
Other | 1 | 1 | 1 | ||||
Total | 33 | 31 | 32 | ||||
Less stacked vessels | 24 | 17 | 24 | ||||
Active vessels | 9 | 14 | 8 | ||||
Middle East fleet: | |||||||
Deepwater | 12 | 7 | 12 | ||||
Towing-supply | 22 | 29 | 24 | ||||
Other | — | — | — | ||||
Total | 34 | 36 | 36 | ||||
Less stacked vessels | 1 | 6 | — | ||||
Active vessels | 33 | 30 | 36 | ||||
Africa/Europe fleet: | |||||||
Deepwater | 41 | 42 | 41 | ||||
Towing-supply | 44 | 44 | 43 | ||||
Other | 37 | 38 | 38 | ||||
Total | 122 | 124 | 122 | ||||
Less stacked vessel | 49 | 34 | 54 | ||||
Active vessels | 73 | 90 | 68 | ||||
Active owned or chartered vessels | 150 | 181 | 149 | ||||
Stacked vessels | 109 | 87 | 112 | ||||
Total owned or chartered vessels | 259 | 268 | 261 | ||||
Joint-venture and other | 8 | 9 | 8 | ||||
Total | 267 | 277 | 269 | ||||
Note (I): Included in total owned or chartered vessels at June 30, 2017 and 2016 and at March 31, 2017, were 115, 89 and 111 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our utilization statistics.
The table below summarizes the various commitments to acquire and construct new vessels, by vessel type, as of June 30, 2017:
(In thousands, except vessel count) | Number of Vessels | Total Cost | Invested Through 6/30/17 | Remaining Balance 6/30/17 | ||||||||||||
Vessels under construction (J): | ||||||||||||||||
Deepwater PSV | 1 | $ | 53,639 | 47,452 | 6,187 | |||||||||||
Total vessel commitments | 1 | $ | 53,639 | 47,452 | 6,187 | |||||||||||
Note (J): Two remaining option vessels, a vessel rejected at the time of delivery and a fast supply boat are not included in the table above. The company has $6.2 million in unfunded capital commitments associated with one vessel under construction at June 30, 2017.
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SOURCE Tidewater Inc.
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